Financing Innovation

被引:200
|
作者
Kerr, William R. [1 ]
Nanda, Ramana
机构
[1] Harvard Univ, Harvard Business Sch, Boston, MA 02163 USA
关键词
finance; innovation; entrepreneurship; banks; venture capital; experimentation; EMPLOYMENT PROTECTION; BANKING DEREGULATION; INDUSTRY STRUCTURE; STIFLE INNOVATION; PRODUCT MARKET; AGENCY COSTS; VENTURE; ENTREPRENEURSHIP; GROWTH; INVESTMENT;
D O I
10.1146/annurev-financial-111914-041825
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We review the recent literature on the financing of innovation, inclusive of large companies and new start-ups. This research strand has been very active over the past live years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multistage innovation projects and how this impacts optimal financing design. We further highlight the strong interaction between financing choices for innovation and changing external conditions, especially reduced experimentation costs.
引用
收藏
页码:445 / 462
页数:18
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